Saudi IPOs 2023

While Saudi’s IPO market was not as vibrant in 2023 as global factors dampened investors’ interest, the Saudi exchange has seen a few large IPOs. Here are the top five from the first half of 2023.

• Jamjoom Pharma

• First Mills

• Morabaha Marina Financing Company (MRNA)

$336 million

$266 million

$83.4 million

• AlMawarid Manpower $76.8 million

• Tam Development Company

$20.3 million www.forbesmiddleeast.com

Jamjoom Pharma is a manufacturer and marketer of pharmaceutical products in the MENA region. The company has a wide range of products in its portfolio, including generic drugs, over-the-counter medications, and specialized treatments.

Founded in 2017, First Mills produces flour, feed, bran, and wheat derivatives. It covers all major regions of Saudi Arabia through four largecapacity mills.

MRNA is an independent non-bank finance institution, offering a range of flexible Shari’ah-compliant financing solutions to individuals and SMEs. It has 16 branches across 13 cities in Saudi, in addition to its head office in Riyadh.

Established in 2012, AlMawarid offers a variety of services to provide domestic and other professional staff to both private and public sectors. The company extends professional support services for the accurate management of the human resources recruitment process from all countries.

Established in 2012 and listed on the Nomu Parallel Market in June 2023, Tam Development Company is a management consultancy firm with digital business solutions. It has partnered with over 50 government entities.

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